Facebook CEO Mark Zuckerberg is expected to unveil details of ambitious plan for his company to create new global crypto-currency. A white paper outlines plan that is designed to create new global currency. It will represent entry of the social network site into lucrative financial services market. The crypto-currency is called Libra. Facebook said it is aimed at millions of people around the world who cannot get bank account. Libra will allow people to send and receive payments anywhere in world with minimal fees. The banking will be done online via myriad of Facebook-owned apps. The 2.7 billion users of Facebook and WhatsApp will have access to Libra crypto-currency.
Analysts say Libra has some similarities to Bitcoin crypto-currency. However, major difference is that Libra will be more stable currency and will avoid wild fluctuations in value that Bitcoin has experienced. Libra will be backed up by basket of currencies, such as dollar, euro and yen. It will also have the backing of major multi-national companies like Mastercard, PayPal, Spotify and Uber. The new crypto-currency could revitalize Facebook's fortunes. finance company RBC Capital Markets said: "We believe [Libra] may prove to be one of most important initiatives in the history of company, to unlock new engagement and [generate new] revenue streams.